XRP has been experiencing a bearish trend throughout August, struggling to rebound after dropping below $0.60. Investor sentiment is reinforcing the broader market's downtrend, potentially leading to further declines in XRP's value.
Indicators suggest that capital outflows are impacting XRP, with the Chaikin Money Flow (CMF) showing clear withdrawals. This outflow is placing downward pressure on XRP, leading to increased selling activity and weakening market performance.
The Moving Average Convergence Divergence (MACD) indicator reflects diminishing confidence as it shows that XRP's bullish momentum is fading, hinting at a potential continuation of ongoing bearishness.
The current trend could lead to further price declines as the market outlook remains uncertain. XRP is under pressure due to heavy outflows and weakening bullish momentum.
A sideways trend is predicted for XRP, with the price potentially failing to recover and consolidating below $0.58. If bearish factors continue, XRP might drop to the 23.6% Fibonacci Retracement level at $0.52, a critical support line.
However, if the broader market recovers and XRP manages to close above $0.58, it could initiate recovery, invalidating the bearish thesis.
